Exhibit 7: Revised forecast

FY21E FY22E
(INR b)
Rev Old Chg (%) Rev Old Chg (%)
Total Volumes ('000) 1,412 1,403 0.7 1,777 1,759 1.0
Net Sales 679 677 0.3 858 853 0.6
EBITDA 62 62 -0.1 104 103 1.1
EBITDA Margin (%) 9.2 9.2 Obp 12.1 12.0 10bp
PAT 51.4 51.8 -0.8 81.6 80.2 1.8
Consol. EPS (INR) 171.4 in? - 0.8 273.8 269.0 1.8
JPY/INR 0.70 0.70 0.0 0.69 0.69 0.0
Source: Company, MOFSL

Exhibit 8: One-year forward P/E (x) band Min (x) - - - +1SD - - - -1SD

P/E (x) - Avg (x) Max (x) 7.5 6.2 4.9 3.6 2.3 1.0
O N trl Ct
•
N O 0
Min (x) - - - +1SD - - - -1SD
6.
45.0 42.2 5

35.0 32.0
25.0 23.4 29.7

15.0 -- irs -----

14.7
5.0 -
0 Kr
 .-1 11
ti a • O. -L
v-I

0 8
CO Exhibit 9: One-year forward P/B (x) band
P/B (x) - Avg (x) Max (x)